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Miami Ranks as World’s 7th Top Luxury Market in 2015!

Downtown Miami. Credit: Lonny Paul)

Downtown Miami. Credit: Lonny Paul

As reported in the Real Deal, Christie’s International Real Estate Luxury Index reports that Miami moved from ninth place in 2013 and 2014, to seventh place last year in the world’s top luxury property markets. That’s the good news…

The other side of that coin is the prediction that Miami will probably slip in its ranking in 2016. An increase in luxury inventory and slowing buyer demand is evident – I am seeing it; we are all seeing it. Ron Shuffield, President of EWM Realty International (and one of my favorite people in the world), a Christie’s Affiliate, quoted these stats to the Real Deal:

Single family homes priced over $1mil: inventory up 46% at the end of April 2016, compared to April 2015. Sales down 11 percent for same time period.

Condos priced over $1mi: inventory up 55% at the end of April 2016, compared to April 2015. Sales down 24 percent for the same time period. 

Ron told us back in our September 2015 office meeting that we would see a rebalancing of our values in the high end market, and we have. Since that forecast I have been particularly cautious and candid with Sellers on pricing luxury properties. My spectacular listing at 181 Leucadendra Drive in Gables Estates has been reduced from its original list price of $21,500,000 to its current list price of $17,900,000.  NOW IS THE TIME to buy this exceptional property with 270′ of water frontage! For more information and beautiful photographs visit www.181leucadendra.com and watch this aerial tour!

To learn more about real estate in Coral Gables, Coconut Grove, Ponce Davis Estates, South Miami, High Pines, Pinecrest, and Palmetto Bay, contact Val Byrne & Associates at val@valbyrnerealtor.com or at 305-323-6231. Val Byrne – Working For You!